Swedish officials have issued an open letter for European Union recommending a prohibition over the energy-exhaustive crypto mining operations as it is hindering the country, as well as the EU area in general, from fulfilling the Paris Climate Agreement promises thereof. Erik Thedéen,(the Financial Supervisory Authority’s director under Sweden) and Björn Risinger (the Environmenta Protection Agency’s director in Sweden) expressed some problems with BTC (Bitcoin) through a letter having been noted this week stating that the more than 200,000 households’ electricity is being eaten up on the behalf of proof-of-work PoW mining of cryptocurrency.
They mentioned that it is presently probable to run an average electric car for up to 1.8M kilometers by utilizing the same power required for mining just one Bitcoin. This considered as equal to forty-four laps across the globe. 900 BTC are mined on daily basis. This is unreasonable utilization of the renewable energy in the possession of the region. They also focused the attention toward depressing the firms as well as the individuals from financing in PoW cryptocurrencies such as Bitcoin.
The directors also pointed out that the Paris agreements regarding the environment change, made by the region can also be assisted by the renewable energy under EU governments regarding crypto mining as well as utilization of less energy-exhaustive cryptocurrencies should also be encouraged through the techniques such as elevating tax over the mining of crypto mining. They indicated that the required climate actions for controlling the global warming cannot is not favored by the presently amplified adoption of PoW cryptocurrencies. They further elaborated that the respective step to ban this type of mining under EU could definitely be the initial step towards a worldwide move in the direction of the utilizing the methods of crypto mining which are more energy-effective and probably support the evolution on the way to climate neutrality.
These appeals are being witnessed at the time when the global climate conference of Glasgow (dealing with Paris Climate agreement) is coming to an end in which several representatives from various countries suggested that aggressive climate step should be taken by the participants involved in the agreement. They moved on to add that this counts as the member countries’ last chance to help protect the globe from the hands of irremediable effects caused by the aggravated global warming up to a temperature of more than 1.5 Celcius.